Non-fungible tokens (NFTs) are all the rage right now, and former U.S. President Donald Trump has jumped on the bandwagon with the launch of his own digital trading cards. The floor price of these cards has recently surged to a new all-time high of above $1,000, and sales are on the rise.
The NFTs depict Trump in superhero, cowboy, and other roles, and were initially sold for $99 each, with a total of 45,000 collectibles being minted on the Polygon ($MATIC) network. Polygon is a Layer-2 scaling solution for Ethereum, providing users with faster transactions and lower costs as a parallel blockchain running alongside the main Ethereum network.
Shortly after being launched, the prices of these NFTs skyrocketed to over $990, but after the initial hype, their prices plummeted, with trading volumes dropping 99% from their peak. However, according to data from NFT price floor, the floor price of Trump’s digital trading cards has now risen from 0.33 ETH, or $555, at the beginning of this month, to 0.6799 ETH, equivalent to $1,145.
The lowest sale was 0.562 ETH and the highest was 1.7884 ETH, or $946 for the lowest and $3,000 for the highest. This increase in sales volumes and prices may be due to Trump’s possible 2024 presidential campaign, as well as his recent reinstatement on both Facebook and Twitter after being banned following the January 6 attack on the U.S. Capitol Building.
NFTs are a unique form of digital art and collectibles, with each token representing a unique asset. They are stored on the blockchain, a public digital ledger that records and verifies transactions. This makes them immutable and secure, and allows for the creation of digital scarcity, as each NFT is unique and can’t be replicated.
NFTs have been gaining traction in recent months, with high-profile figures such as Elon Musk, Mark Cuban, and Jack Dorsey getting involved. They have been used to create digital art, collectibles, and even digital real estate.
The surge in popularity of NFTs has been driven by the increasing demand for digital assets and the rising interest in blockchain technology. It has also been helped by the increasing availability of platforms that make it easier to create and trade NFTs.
The launch of Trump’s NFTs is just the latest example of how the technology is being used in creative and innovative ways. It remains to be seen how the market will react to the former president’s digital collectibles, but it’s clear that NFTs are here to stay.
